FMNY vs. CGSM

Last updated Jun 5, 2026

FMNY (First Trust New York High Income Municipal ETF) and CGSM (Capital Group Short Duration Municipal Income ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, FMNY returned 7.40% vs 4.67% for CGSM. At a 0.50 correlation, their price movements are largely independent. FMNY charges 0.65%/yr vs 0.25%/yr for CGSM.

Performance

FMNY vs. CGSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust New York High Income Municipal ETF (FMNY) and Capital Group Short Duration Municipal Income ETF (CGSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMNY achieves a 1.81% return, which is significantly higher than CGSM's 1.37% return.

FMNY

• 1D: -0.12%
• 1M: 0.52%
• YTD: 1.81%
• 6M: 2.18%
• 1Y: 7.40%
• 3Y*: 4.02%
• 5Y*: 0.58%
• 10Y*: —

CGSM

• 1D: 0.08%
• 1M: 0.46%
• YTD: 1.37%
• 6M: 1.64%
• 1Y: 4.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FMNY vs. CGSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMNY First Trust New York High Income Municipal ETF	1.81%	3.94%	1.74%	7.82%
CGSM Capital Group Short Duration Municipal Income ETF	1.37%	4.58%	3.71%	4.04%

Correlation

The correlation between FMNY and CGSM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.50

Over the past year, the correlation between FMNY and CGSM has dropped to 0.22 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

Return for Risk

FMNY vs. CGSM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FMNY

FMNY Risk / Return Rank: 66
FMNY Sharpe Ratio Rank: 70
FMNY Sortino Ratio Rank: 74
FMNY Omega Ratio Rank: 79
FMNY Calmar Ratio Rank: 54
FMNY Martin Ratio Rank: 51

CGSM

CGSM Risk / Return Rank: 87
CGSM Sharpe Ratio Rank: 94
CGSM Sortino Ratio Rank: 96
CGSM Omega Ratio Rank: 96
CGSM Calmar Ratio Rank: 79
CGSM Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FMNY vs. CGSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) and Capital Group Short Duration Municipal Income ETF (CGSM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FMNY	CGSM	Difference
Sharpe ratio: Return per unit of total volatility	2.26	3.52	-1.26
Sortino ratio: Return per unit of downside risk	3.28	5.44	-2.15
Omega ratio: Gain probability vs. loss probability	1.47	1.82	-0.35
Calmar ratio: Return relative to maximum drawdown	2.63	3.98	-1.36
Martin ratio: Return relative to average drawdown	8.50	13.02	-4.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMNY vs. CGSM - Sharpe Ratio Comparison

The current FMNY Sharpe Ratio is 2.26, which is lower than the CGSM Sharpe Ratio of 3.52. The chart below compares the historical Sharpe Ratios of FMNY and CGSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMNY	CGSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	3.52	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	2.89	-2.71

Drawdowns

FMNY vs. CGSM - Drawdown Comparison

The maximum FMNY drawdown since its inception was -15.90%, which is greater than CGSM's maximum drawdown of -1.42%. Use the drawdown chart below to compare losses from any high point for FMNY and CGSM.

Drawdown Indicators

	FMNY	CGSM	Difference
Max Drawdown Largest peak-to-trough decline	-15.90%	-1.42%	-14.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-1.18%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	-5.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.90%	—	—
Current Drawdown Current decline from peak	-0.77%	-0.14%	-0.63%
Average Drawdown Average peak-to-trough decline	-5.68%	-0.24%	-5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.36%	+0.51%

Volatility

FMNY vs. CGSM - Volatility Comparison

First Trust New York High Income Municipal ETF (FMNY) has a higher volatility of 0.84% compared to Capital Group Short Duration Municipal Income ETF (CGSM) at 0.43%. This indicates that FMNY's price experiences larger fluctuations and is considered to be riskier than CGSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNY	CGSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.43%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	0.98%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	1.33%	+1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	1.79%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	1.79%	+2.20%

FMNY vs. CGSM - Expense Ratio Comparison

FMNY has a 0.65% expense ratio, which is higher than CGSM's 0.25% expense ratio.

Dividends

FMNY vs. CGSM - Dividend Comparison

FMNY's dividend yield for the trailing twelve months is around 3.69%, more than CGSM's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021
CGSM Capital Group Short Duration Municipal Income ETF	2.99%	3.05%	3.11%	0.84%	0.00%	0.00%
FMNY First Trust New York High Income Municipal ETF	3.69%	3.64%	3.56%	3.25%	2.34%	0.72%

Frequently Asked Questions

Can I hold both FMNY and CGSM in my portfolio?

FMNY and CGSM have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMNY or CGSM?

FMNY has higher volatility (0.84%) compared to CGSM (0.43%). In terms of maximum drawdown, FMNY dropped -15.90% vs CGSM's -1.42%.

Which ETF is better, FMNY or CGSM?

On 1-year performance, FMNY leads with 7.40% vs 4.67% for CGSM. On fees, CGSM is cheaper at 0.25% per year. On volatility, CGSM has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMNY or CGSM?

Over the 1-year period, FMNY has performed better with a 7.40% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMNY or CGSM?

CGSM is cheaper with a 0.25% expense ratio, compared with 0.65% for FMNY.

Which ETF pays a higher dividend yield, FMNY or CGSM?

FMNY has the higher dividend yield at 3.69%, compared with 2.99% for CGSM.

What is the main difference between FMNY and CGSM?

They also come from different issuers: First Trust and Capital Group. Their fees differ too: 0.65% for FMNY and 0.25% for CGSM.

Which has better risk-adjusted returns?

CGSM currently has the higher Sharpe Ratio (3.52 vs 2.26), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.